Fortinet (FTNT) Releases Q4 Earnings Guidance

Fortinet (NASDAQ:FTNT) updated its fourth quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $0.50-$0.52 for the period, compared to the Thomson Reuters consensus estimate of $0.50. The company issued revenue guidance of $490-$500 million, compared to the consensus revenue estimate of $492.21 million.Fortinet also updated its FY 2018 guidance to $1.72-1.76 EPS.

Several research firms have weighed in on FTNT. ValuEngine lowered Fortinet from a strong-buy rating to a buy rating in a research report on Friday. JPMorgan Chase & Co. boosted their price target on Fortinet from $76.00 to $93.00 and gave the stock a neutral rating in a research report on Friday. Citigroup boosted their price target on Fortinet from $71.00 to $84.00 and gave the stock a neutral rating in a research report on Friday. BMO Capital Markets boosted their price target on Fortinet from $76.00 to $90.00 and gave the stock an outperform rating in a research report on Friday. Finally, Royal Bank of Canada boosted their price target on Fortinet to $76.00 and gave the stock a sector perform rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of Hold and an average target price of $77.29.

Shares of FTNT stock traded down $11.13 during trading on Friday, reaching $72.56. 5,918,487 shares of the company’s stock were exchanged, compared to its average volume of 4,146,278. The firm has a market capitalization of $12.27 billion, a PE ratio of 83.40, a PEG ratio of 4.49 and a beta of 0.81. Fortinet has a twelve month low of $38.50 and a twelve month high of $94.37.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, November 1st. The software maker reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.04. The business had revenue of $453.90 million for the quarter, compared to analyst estimates of $450.84 million. Fortinet had a return on equity of 22.04% and a net margin of 7.05%. The firm’s revenue was up 21.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.28 EPS. As a group, research analysts predict that Fortinet will post 0.96 EPS for the current fiscal year.

In related news, Director Ming Hsieh sold 7,015 shares of the business’s stock in a transaction that occurred on Friday, September 7th. The stock was sold at an average price of $85.50, for a total transaction of $599,782.50. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP John Whittle sold 1,250 shares of the company’s stock in a transaction on Monday, September 17th. The shares were sold at an average price of $88.65, for a total value of $110,812.50. Following the completion of the transaction, the vice president now directly owns 9,309 shares in the company, valued at $825,242.85. The disclosure for this sale can be found here. Insiders have sold a total of 13,540 shares of company stock worth $1,107,574 over the last three months. 17.70% of the stock is owned by insiders.

Fortinet Company Profile

Fortinet, Inc provides broad, automated, and integrated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and WAN acceleration; and FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of products, which offers a cloud-ready security information and event management solution for enterprises and service providers.

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